Markets Witness Lacklustre Trade Ahead of RBI Meet Next Week

The Global Markets gives out mixed clues this morning. Most U.S. stocks fell as 3M Co. drove industrial shares lower after cutting its profit forecast, helping erase an early gain triggered by Exxon Mobil Corp’s better-than-estimated earnings report. European stocks climbed, rebounding from the biggest selloff in five weeks, as companies from Eni SpA to Dassault Systems SA posted results that exceeded analysts estimates. This morning Asian stocks dropped, dragging the MSCI Asia Pacific Index to its second straight weekly decline, as Sharp Corp. and Advantest Corp. cut their profit forecasts. In commodities, Oil declined in New York after most U.S. equities fell, signaling a recovery in fuel demand in the worlds biggest crude consuming nation may falter. Gold declined as the biggest rally in more than two weeks prompted some investors to sell the precious metal to lock in gains. Copper declined from London to Shanghai, paring a fourth monthly gain, on concern that the recent rally in prices slowed purchases in China, the worlds largest consumer. Markets trade on a volatile note as tensed investors jostle for positioning ahead of RBI policy next week. The main gainers this morning that provides some support to the markets to trade in green are the Oil & Gas, Consumer Durables and Healthcare indices. Market breadth is negative with 1,203 advances against 1,342 declines. The Sensex trades in red at 19,938.22 declining 2.82 points or 0.01 percentage points. Nifty trades at 5988.45 gaining by 0.75 points or 0.01 percentage points.